XML 32 R18.htm IDEA: XBRL DOCUMENT v3.21.1
Segment Information
 9 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Segment Information Segment Information
Our operating segments are based upon the manner in which our operations are managed and the availability of separate financial information reported internally to the Chief Executive Officer, who is our Chief Operating Decision Maker (“CODM”) for purposes of making decisions about how to allocate resources and assess performance.
As of March 31, 2021, we have numerous operating segments under our management reporting structure which are reported in the following five reportable segments:
•Vistaprint - Includes the operations of our global Vistaprint websites and our Webs-branded business, which is managed with the Vistaprint-branded digital business. Also included is our Vistaprint Corporate Solutions business which serves medium-sized businesses and large corporations, our 99designs business which
was acquired on October 1, 2020, as well as a legacy revenue stream with retail partners and franchise businesses.
•PrintBrothers - Includes the results of our druck.at, Printdeal, and WIRmachenDRUCK businesses.
•The Print Group - Includes the results of our Easyflyer, Exaprint, Pixartprinting, and Tradeprint businesses.
•National Pen - Includes the global operations of our National Pen business, which manufactures and markets custom writing instruments and promotional products, apparel and gifts.
•All Other Businesses - Includes a collection of businesses grouped together based on materiality. With the exception of BuildASign, which is a larger and profitable business, the All Other Businesses reportable segment consists of two early-stage businesses that we continue to manage at a relatively modest operating loss.
◦BuildASign is an internet-based provider of canvas-print wall décor, business signage and other large-format printed products, based in Austin, Texas. 
◦Printi is an online printing leader in Brazil, which offers a superior customer experience with transparent and attractive pricing, reliable service and quality.
◦YSD is a startup operation that provides end-to-end mass customization solutions to brands and intellectual property owners in China, supporting multiple channels including retail stores, websites, WeChat and e-commerce platforms to enhance brand awareness and competitiveness and develop new markets.
Central and corporate costs consist primarily of the team of software engineers that is building our mass customization platform; shared service organizations such as global procurement; technology services such as hosting and security; administrative costs of our Cimpress India offices where numerous Cimpress businesses have dedicated business-specific team members; and corporate functions including our Board of Directors, CEO, and the team members necessary for managing corporate activities, such as treasury, tax, capital allocation, financial consolidation, internal audit and legal. These costs also include certain unallocated share-based compensation costs.
The expense value of our PSU awards is based on a Monte Carlo fair value analysis and is required to be expensed on an accelerated basis. In order to ensure comparability in measuring our businesses' results, we allocate the straight-line portion of the fixed grant value to our businesses. Any expense in excess of the amount as a result of the fair value measurement of the PSUs and the accelerated expense profile of the awards is recognized within central and corporate costs.
Our definition of segment EBITDA is GAAP operating income excluding certain items, such as depreciation and amortization, expense recognized for contingent earn-out related charges including the changes in fair value of contingent consideration and compensation expense related to cash-based earn-out mechanisms dependent upon continued employment, share-based compensation related to investment consideration, certain impairment expense, and restructuring charges. We include insurance proceeds that are not recognized within operating income. We do not allocate non-operating income, including realized gains and losses on currency hedges, to our segment results.
Our balance sheet information is not presented to the CODM on an allocated basis, and therefore we do not present asset information by segment. We do present other segment information to the CODM, which includes purchases of property, plant and equipment and capitalization of software and website development costs, and therefore include that information in the tables below.
Revenue by segment is based on the business-specific websites or sales channel through which the customer’s order was transacted. The following tables set forth revenue by reportable segment, as well as disaggregation of revenue by major geographic region and reportable segment.
 Three Months Ended March 31, Nine Months Ended March 31,
 2021202020212020
Revenue (1):
Vistaprint$327,454 $316,310 $1,093,062 $1,092,786 
PrintBrothers93,997 109,496 315,915 345,403 
The Print Group59,945 68,537 202,586 228,494 
National Pen62,220 68,362 244,561 266,510 
All Other Businesses44,062 39,237 142,905 131,287 
Total segment revenue587,678 601,942 1,999,029 2,064,480 
Inter-segment eliminations(8,827)(3,982)(47,533)(12,228)
Total consolidated revenue$578,851 $597,960 $1,951,496 $2,052,252 
_____________________
(1) Refer to the "Revenue by Geographic Region" tables below for detail of the inter-segment revenue within each respective segment.

Three Months Ended March 31, 2021
VistaprintPrintBrothersThe Print GroupNational PenAll OtherTotal
Revenue by Geographic Region:
North America$214,663 $— $— $33,398 $39,407 $287,468 
Europe73,524 93,831 57,536 19,731 — 244,622 
Other38,656 — — 4,012 4,093 46,761 
Inter-segment611 166 2,409 5,079 562 8,827 
   Total segment revenue327,454 93,997 59,945 62,220 44,062 587,678 
Less: inter-segment elimination(611)(166)(2,409)(5,079)(562)(8,827)
Total external revenue$326,843 $93,831 $57,536 $57,141 $43,500 $578,851 

Nine Months Ended March 31, 2021
VistaprintPrintBrothersThe Print GroupNational PenAll OtherTotal
Revenue by Geographic Region:
North America$715,494 $— $— $112,397 $128,013 $955,904 
Europe277,649 315,336 187,257 87,913 — 868,155 
Other98,215 — — 16,359 12,863 127,437 
Inter-segment1,704 579 15,329 27,892 2,029 47,533 
   Total segment revenue1,093,062 315,915 202,586 244,561 142,905 1,999,029 
Less: inter-segment elimination(1,704)(579)(15,329)(27,892)(2,029)(47,533)
Total external revenue$1,091,358 $315,336 $187,257 $216,669 $140,876 $1,951,496 
Three Months Ended March 31, 2020
VistaprintPrintBrothersThe Print GroupNational PenAll OtherTotal
Revenue by Geographic Region:
North America$222,294 $— $— $41,093 $35,040 $298,427 
Europe74,335 109,246 67,617 21,146 — 272,344 
Other18,074 — — 5,142 3,973 27,189 
Inter-segment1,607 250 920 981 224 3,982 
   Total segment revenue316,310 109,496 68,537 68,362 39,237 601,942 
Less: inter-segment elimination(1,607)(250)(920)(981)(224)(3,982)
Total external revenue$314,703 $109,246 $67,617 $67,381 $39,013 $597,960 
Nine Months Ended March 31, 2020
VistaprintPrintBrothersThe Print GroupNational PenAll OtherTotal
Revenue by Geographic Region:
North America$753,724 $— $— $137,035 $114,667 $1,005,426 
Europe269,936 344,581 226,156 104,346 — 945,019 
Other63,666 — — 22,201 15,940 101,807 
Inter-segment5,460 822 2,338 2,928 680 12,228 
   Total segment revenue1,092,786 345,403 228,494 266,510 131,287 2,064,480 
Less: inter-segment elimination(5,460)(822)(2,338)(2,928)(680)(12,228)
Total external revenue$1,087,326 $344,581 $226,156 $263,582 $130,607 $2,052,252 

The following table includes segment EBITDA by reportable segment, total (loss) income from operations and total (loss) income before income taxes.
 Three Months Ended March 31, Nine Months Ended March 31,
 2021202020212020
Segment EBITDA:
Vistaprint$64,333 $73,780 $266,821 $299,941 
PrintBrothers7,560 8,686 33,732 35,922 
The Print Group6,475 10,934 31,227 42,673 
National Pen(3,324)(1,244)4,733 17,005 
All Other Businesses6,515 3,187 25,781 8,572 
Total segment EBITDA81,559 95,343 362,294 404,113 
Central and corporate costs(34,144)(38,344)(96,148)(110,402)
Depreciation and amortization(42,809)(41,840)(128,696)(126,731)
Proceeds from insurance(122)— (122)— 
Certain impairments and other adjustments(20,563)(101,976)(21,131)(102,736)
Restructuring-related charges382 (919)(1,714)(5,006)
Total (loss) income from operations(15,697)(87,736)114,483 59,238 
Other income (expense), net9,785 22,537 (16,167)29,171 
Interest expense, net(29,002)(17,262)(89,659)(48,050)
(Loss) income before income taxes$(34,914)$(82,461)$8,657 $40,359 
 Three Months Ended March 31, Nine Months Ended March 31,
 2021202020212020
Depreciation and amortization:
Vistaprint$14,881 $14,609 $43,420 $45,291 
PrintBrothers5,493 5,064 16,464 15,872 
The Print Group6,630 6,083 19,852 18,925 
National Pen6,304 6,294 18,626 17,398 
All Other Businesses4,524 6,049 14,783 17,910 
Central and corporate costs4,977 3,741 15,551 11,335 
Total depreciation and amortization$42,809 $41,840 $128,696 $126,731 
Three Months Ended March 31, Nine Months Ended March 31,
2021202020212020
Purchases of property, plant and equipment:
Vistaprint$2,411 $134 $6,860 $10,831 
PrintBrothers286 2,397 1,424 3,396 
The Print Group980 4,949 6,910 13,943 
National Pen679 728 3,503 3,505 
All Other Businesses744 1,523 2,712 3,893 
Central and corporate costs846 813 1,327 3,070 
Total purchases of property, plant and equipment$5,946 $10,544 $22,736 $38,638 
Three Months Ended March 31, Nine Months Ended March 31,
2021202020212020
Capitalization of software and website development costs:
Vistaprint$10,414 $5,895 $21,830 $15,674 
PrintBrothers379 90 970 712 
The Print Group398 374 1,061 1,249 
National Pen604 775 1,673 2,590 
All Other Businesses897 890 2,639 2,969 
Central and corporate costs6,184 4,383 17,148 12,630 
Total capitalization of software and website development costs$18,876 $12,407 $45,321 $35,824 
The following table sets forth long-lived assets by geographic area:
 March 31, 2021June 30, 2020
Long-lived assets (1):  
United States$87,136 $161,853 
Netherlands76,449 82,897 
Canada57,685 67,367 
Switzerland65,269 58,013 
Italy46,559 46,317 
Jamaica20,802 21,563 
Australia21,060 19,695 
France25,564 23,917 
Japan15,168 15,430 
Other96,964 94,922 
Total$512,656 $591,974 
___________________
(1) Excludes goodwill of $706,626 and $621,904, intangible assets, net of $194,502 and $209,228, and deferred tax assets of $135,491 and $143,496 as of March 31, 2021 and June 30, 2020, respectively.